E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Needs to Hold 34686 into Close

June E-mini Dow Jones Industrial Average futures are trading higher at the mid-session after hitting an all-time high earlier in the session. The cash market also reached 35000 for the first time on optimism that interest rates would remain lower for longer, while a surge in commodity prices lifted shares of miners, energy and steel companies.

At 17:18 GMT, June E-mini Dow Jones Industrial Average futures are trading 34901, up 215 or +0.62%.

At the mid-session, 3M Co is up 2.33%, followed by a 2.04% gain in Walgreens. Oil company Chevron is trading 0.71% better.

Technology-related companies Microsoft Corp and Apple Inc are trading down 0.927% and 1.469% respectively. Intel Corp is posting the biggest loss at 2.094%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A late session trade through 35000 will signal a resumption of the uptrend. A move through 33572 will change the main trend to down.

The new minor range is 33572 to 35000. Its 50% level at 34286 is new support.

The short-term range is 31951 to 35000. Its pivot at 33476 is another potential support level.

Daily Swing Chart Technical Forecast

The direction of the June E-mini Dow Jones Industrial Average into the close on Monday is likely to be determined by trader reaction to 34686.

Bullish Scenario

A sustained move over 34686 will signal the presence of buyers. Taking out the intraday high at 35000 will indicate the buying is getting stronger.

Bearish Scenario

A sustained move under 34686 will indicate the selling is greater than the buying at current price levels. If this move intensifies then look for a pullback into the minor pivot at 34286.

A close under 34286 will form a potentially bearish closing price reversal top. If confirmed then look for the start of a minimum 2 to 3 day correction.